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You are given a pair of supply and demand equations; identify which is supply and which demand. Plot both on the same set of axes and find the point of market equilibrium.$$\begin{aligned}&2 p-3 x=17\\&2 p+x=30\end{aligned}$$

$(13 / 4,107 / 8)$

Algebra

Chapter 1

Functions and their Applications

Section 6

Economic Functions

Functions

Campbell University

McMaster University

Baylor University

University of Michigan - Ann Arbor

Lectures

01:43

In mathematics, a function is a relation between a set of inputs and a set of permissible outputs with the property that each input is related to exactly one output. An example is the function that relates each real number x to its square x^2. The output of a function f corresponding to an input x is denoted by f(x).

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they were given supply and demand function. We wanted to determine which ones supply and which ones demand. So first it's all for P. That'll make it a little easier. So we'll have P equals three have ac plus 17 and then plus 17 over to and then we'll have um P equals negative one half X 30/2 which is 15. But based on this we see that this is our supply function, this is the demand function and then the point of market equilibrium asking me right here 3.25 13.375. And that's the same thing as 13/4. Um 107 over eight if you want to in fractional form but sometimes decimal form. Just a little easier in these cases.

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